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If anything symbolizes how far emerging markets have come over the past five years, it’s the growth of their domestic capital markets. Few would dispute that emerging markets local-currency debt is now an established asset class, despite its relative youth. Local-currency debt is the way of the future, but further reforms are necessary.

With hedge funds collapsing at record rates, funds of hedge funds will need to reassess their strategies. If you can’t beat them, join them.

Rumours of electronic broker EBS’s imminent takeover are rife, but a £1 billion price tag seems wide of the mark. Getting these to agree on whether tea or coffee is served at board meetings is probably difficult. Getting consensus on whether or not to sell EBS’s business, and then who to sell it to, must be a near impossibility.

High oil prices pushed Latin America’s equity markets to dangerous levels. In a new era where emotions about oil scarcity run high, Latin America is perceived as a big, endless supply of commodity wealth. But keep an eye on the volatility.

The corporate hybrid sector shifted to retail with Porsche's 7.2% $1 billion perpetual non-call five (no coupon step-up). The transaction has several unusual aspects linked to the rating and structure, marketing and pricing.

Residential mortgage-backed securities origination in Italy could be about to receive a boost with the entrance of international banks establishing prime residential platforms. SG and Macquarie are two names that are looking into the possibility. The attraction is the relatively attractive margin achievable on loans compared with France, Germany, the Netherlands and, of course, the UK. In the UK there are already several established players in both the prime and sub-prime space but there too Deutsche Bank is building a sub-prime platform.

The country’s stock indices are rising as the prospect of a coherent market looms into view.

The notion of extra-territorial enforcement of anti-corruption law first emerged in 1977 with the passage of the US Foreign Corrupt Practices Act, which prohibits bribery of foreign officials as a means of obtaining or retaining business, and holds parent companies liable for illegal actions taken by subsidiaries. Of great concern to US companies was the fact that the FCPA’s reach did not extend to non-US companies unless they had a US listing or operational presence. US companies complained that they were being forced to compete with one hand tied behind their backs.